on TOTALENERGIES (EPA:TTE)
TotalEnergies Sells 50% Stake in Total Parco Pakistan
TotalEnergies has announced the sale of its 50% share in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a global commodities trading company. This transaction is aligned with TotalEnergies' strategy to focus on core geographies with growth and transition opportunities.
TPPL is a joint venture between TotalEnergies and Pak-Arab Refinery Limited (PARCO) in Pakistan. It operates over 800 service stations, fuel logistics, and lubricants activities. Despite the sale, the new entity will continue its retail business under the "Total Parco" brand and its lubricants business under the "Total" brand for five years.
The acquisition awaits authorization from relevant authorities and related agreements.
R. P.
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